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Unit 5 Ethics
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Set of moral principles that govern decisions and actions
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Universal Values Values shared by all cultures throughout history
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Business Ethics Moral principles applied to business issues and actions
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Why Practice Business Ethics 1.Customers are more confident 2.Motivates Employees 3.Prevents Legal Problems
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Responsibilities of businesses to employees 1.Safe workplace 2.Fair employment policies 3.Tools to do the job 4.Trust 5.Respect for skills 6.Consideration for personal needs
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Transparency Openness and accountability in business decisions and actions Transparency is promoted by protecting whistleblowers Ex. When communicating with investors you should tell them both bad and good news about the business.
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Social Media Can use as a demonstration of transparancy
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Whistle-blower Term for someone who reports illegal or unethical conduct to superiors or to the public
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Write your own personal code of ethics Clarify your values and principles Prevent problems Provides protection against claims of unfairness
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Assignment Read the code of ethics on page 110. Write your own personal code of ethics containing 3 points
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Intellectual Property Artistic and industrial creations of the mind. Protected by law.
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Copyright Exclusive right to perform, display, copy or distribute an artistic work. Using an image or music without permission is copyright infringement
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Patent Exclusive right to make, use, or sell a device or process
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Trademark Symbol that indicates that the use of a brand or name is legally protected and cannot be used by other businesses. TM symbol and R symbol
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Infringement Violating a copyright, trademark or patent holders rights.
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Fair Use Provides for the limited quotation of a copyrighted work without permission
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Public Domain Copyright or patent has expired
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Conflict of Interest Ethical decision that exists when personal considerations and professional obligations interfere with eachother
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Corporate social responsibility Act in ways that balance profit and growth with the good of society
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Qualities to have responsible relationship with customers 1.Honesty 2.Respect 3.Accessibility 4.Attention
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Ethical Sourcing Buying from suppliers who provide safe working conditions and respect workers rights
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Sustainable Meets the planet’s current needs while preserving resources for future generations
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Carbon Footprint Measures the amount of carbon you use and release into the atmosphere
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Carbon Offset Buy a certain amount carbon credits to offset your carbon use. Money is invested in renewable energy or resource conservation projects
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Greenwashing Business try to appear environmentally responsible by overstating their commitment
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Energy Star Efficient, money saving appliances have this label
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Recycle What a business can do with paper & plastic to save money and help the environment
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Greenwashing Business try to appear environmentally responsible by overstating their commitment
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Cause-related marketing Partnership between a business and a non-profit for the benefit of both
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Sponsorship Business sponsors a community event or service in exchange for advertising
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Facilitated Giving Business makes it easier for customers to contribute to a cause (cans in checkout lanes)
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Purchase-Triggered Donation For every purchase of a particular item the business contributes an amount of money or percentage of price
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Philanthropy Donate money and other resources for socially beneficial causes
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In-Kind Donation Gift of a good or service
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